Despite a tepid economic outlook, a recent survey shows approximately four in 10 Canadians spent more than they had planned this summer.
The report, which was put out by the Chartered Professional Accountants of Canada and conducted by Harris Poll, surveyed 1,007 adults about their financial expenditures during the summer months. The survey also noted that 42% of respondents felt as if they were on budget throughout the summer.
Cairine Wilson, vice-president of corporate citizenship for CPA Canada, said she’s not totally sure if the survey points to any signs of increased economic stability in the minds of Canadians.
“There have been mixed indicators recently about where the Canadian economy is heading, including signals of growth,” added Wilson. “So it will be interesting to how things play out.”
Wilson said many Canadians remain highly susceptible to economic misfortune as household debt rose to a record high at the end of the second quarter, according to numbers from Statistics Canada.
“Borrowing costs remain low, but that won’t last forever.” added Wilson. “Our research shows that many Canadian households are not saving or paying off debt on a regular basis.
"They are vulnerable to economic shocks.”
